Nigerian Young Professionals Back Emefiele Over Currency Redesign, Cashless Policy

Nigerian Young Professionals Back Emefiele Over Currency Redesign, Cashless Policy

  • The CBN continues to get support from various professional groups for its new cashless and naira redesign policy
  • One of such groups that have openly backed the apex bank is the Nigerian Young Professionals Forum
  • The forum is a body of young professionals across Nigeria made up of frontline entrepreneurs and business leaders in different sectors of the economy

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FGCT, Abuja - The Nigerian Young Professionals Forum (NYPF), has thrown its weight behind the embattled governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, over the recent policies of the apex bank.

The NYPF decried what it described as unnecessary harassment and attempt to force the governor to extend the currency swap deadline or reverse the redesign policy.

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Emefiele has gotten the backing of the Nigerian Young Professionals Forum over the CBN's currency redesign policy. Photo credit: @cenbank
Source: Twitter

It said the policy of the CBN, in spite of a few setbacks, is timely and should be allowed to succeed.

Addressing journalists including a reporter in Abuja, the chairman of the NYPF, Moses Siloko Siasia, described the barrage of attacks on Emefiele as an undue distraction that will serve only personal interests against national interests.

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Siasia warned that any attempt to further harass, or cause further obstruction to the CBN policy will be greeted with serious repercussions from Nigerians.

On the claim that the policy is targeted at curbing vote buying and election manipulation, the NYPF said it was important to stop electoral corruption because the 2023 election will be a defining moment in Nigeria’s political history.

The group noted that the CBN, under Godwin Emefiele, has initiated several policies that have been beneficial to young businesses and young professionals who were left on their own without support in the past.

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The NYPF cautioned politicians to stop toying with the destiny of the country for their selfish political gains, insisting that the CBN should ensure that the date given for the currency swap remains sacrosanct.

Siasia said;

“We want to assure the CBN governor, Godwin Emefiele that he is not alone, young professionals will not let him down, we are very determined to speak up and we will continue to stand by him and to ensure that his legacy will be protected.”

CBN chooses five commercial banks for cash swap programme had earlier reported that the Central Bank of Nigeria (CBN) named about five money deposit banks to participate in its cash swap initiative.

The development comes as the deadline for the expiration of old N200, N500 and N1,000 notes as legal tender approaches.

The information was contained in a Frequently Asked Questions document released by the CBN on Monday, January 23, 2023, where it detailed the procedure for the initiative.

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Old notes: ATMs and other ways to swap your notes before January 31

Recall that Nigerian banks recently cried out over the shortage of new naira notes despite the CBN saying it has a surplus of it in its vaults.

The CBN, during sensitisation outings across the nation, urged the banks to come for the new notes ahead of its January 31, 2023 deadline.

The apex bank also vowed to penalise banks that continue to issue old naira notes or dispense the same through their Automated Machines.


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